Crypto traders moved $208 million worth of digital assets from embattled exchange KuCoin following the company’s indictment.
The blockchain analysis platform Nansen reports that $99 million worth of crypto flowed out of the exchange on Ethereum (ETH) and $108 million on Ethereum Virtual Machine (EVM) chains.
According to the analytics platform, KuCoin still owns more than $6 billion worth of assets in Ethereum, Bitcoin (BTC), Solana (SOL) and other chains.
On Tuesday, the US Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC) filed charges against KuCoin and two of its founders, Chun Gan and Ke Tang.
The DOJ alleges that the duo operated an unlicensed money transmission business and failed to maintain an adequate anti-money laundering (AML) program. The Feds also allege that the exchange received more than $5 billion in suspicious and criminal proceeds.
Darren McCormack, the acting special agent in charge of the New York Field Office of Homeland Security Investigations (HSI), called KuCoin an “alleged multi-billion dollar criminal conspiracy.”
“KuCoin grew to serve more than 30 million customers despite its perceived inability to follow the laws necessary to ensure the security and stability of our world’s digital banking infrastructure. Defendants’ alleged pattern of circumventing these critically important laws has finally ended.”
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